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Is this the end of the wallet as we know it? Reducing transaction friction and increasing convenience

The cash free society is looming ever larger if the latest figures from UK Finance, a banking and finance industry trade body, are to be believed.
Consumers are increasingly comfortable with the new methods of payment opened up by technology such as smart phone Pay Apps, particularly younger consumers – the all-important Gen Z.

In the UK, cafes and pubs, cashless payments are taking over. The pub chain Wetherspoon reported that the proportion of cash payments has fallen by about five percentage points every year for the past four years, dropping from 78% of all purchases in 2012-13 to 60% in 2016-17.

As few as one in 10 customers pay in cash at cafes – and a few have abandoned cash altogether, according to UK Finance earlier this year.

Pret a Manger said that more than half of their customers now paid by card and that the proportion was growing; Nando’s said card usage increased 3.37% in the last financial year and now made up 71.3% of all payments at its restaurants. Cashless payments are no longer the preserve of the large transaction as technology continues to drive consumer change.

Thinking Beyond Apple Pay, Samsung Pay, Android Pay & the Debit Card

There has been a lot of hype around Apple Pay since it launched, quickly pursued by Samsung and Android Pay, but with restaurateurs being slow to catch on and the increasing success of other branded Smart Phones, is tap to pay really going to catch on?

More and more restaurateurs are looking for ways to reduce the amount of friction at the tills. With self-service kiosks and table ordering on the increase, the consumer has been put in control of their dining experience, which reduces stress and frustration.

Fast forward ten years and experts predict that it will only be a matter of a few short years before the face of restaurants changes completely and in turn the way we spend our money will also change.

Here is our futuristic look at how your ‘purse’ could look in the future:

Retina and Iris Scanners:

No you aren’t in a version of Demolition Man, this is reality. The scanners have been trailed in America, with versions shown at many tech shows in recent years. The technology scans and detects the retina or iris and links it back to the unique algorithm connected to your bank details and pays for the goods in quite literally the blink of an eye.

Fingerprint Scanners:

Biometrics isn’t exactly something you hear of every day, but with the increasing need to make transactions more seamless and easy, could restaurants follow in the footsteps of the smartphone technology generation and use fingerprint recognition to pay for their orders at self-serve kiosks?

Quick Scan:

How would you feel if you were in your favourite take away or eatery and you could scan the meal, maybe even customise your order, order it on your phone and pay for it instantly with the confidence it will be delivered to your table or home? Many people may not feel easy but Gen Z are becoming hungry for a totally connected and frictionless world and if the future predictions are right, we could be doing this on a regular basis.

Screenless ATM’s:

Without the need to jeopardise your security by punching in your PIN at an ATM, these screen less ATM’s work on a tap from an iPhone, which must be opened with fingerprint or security pin beforehand, in order to dispense cash.

Loyalty Cards:

Carrying around several loyalty cards in your purse or wallet will be a thing of the past as technology surges forward with the introduction of loyalty apps. The schemes will also see a shift in the way they reward points, with many being focused on earning points through shared experience on social channels, aiding marketing and brand promotion. The move will not only help restaurateurs to take a single view to drive personalisation of their dining experience but gather information to help up-sell and find out more about their eating habits.

Today and Tomorrow's EPoS

It's not just payment methods that are changing. Change is sweeping through the restuarant and take away market and demanding new levels of technological and digital transformation. EPoS as an intelligent hub with the capacity to adapt and take advantage of all new forms of diner experience, engagement, promotion and payment is a must. If you're reviewing your EPoS system, why not download the free e-guide: